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Resorts World Las Vegas to account for 6% of GENT’s estimated RNAV In a surprise move, parent Genting became the preferred vehicle to undertake the development of a gaming project in Las Vegas. To be named Resorts World Las Vegas (RWLV), Genting bought over the stalled Echelon casino project from Boyd Gaming Corporate for US$350m. Slated for commercial operations in 2015, we estimate the potential US$2bn RWLV casino could add RM2.3bn (or RM0.60/share) to GENTING’s estimated RNAV of RM40.8bn (or RM11.00/share). Operationally, RWLV could add 6.7% and 12.8% to Genting’s FY15 EBITDA and net profit. Importantly, we now see emerging catalyst for Genting and holding company discount is expected to narrow hereon.

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